Sunshine lighting agrees to revoke the bankruptcy filing of the India joint venture company

Yankon 11 announcement said the company recently received a notice of acceptance of India New Delhi high court trial court, agreed to withdraw Yankon to creditors of India ainaite Lighting Co. Ltd. (associates) of the application for bankruptcy.

India ainaite Lighting Co. Ltd. (hereinafter referred to as the India company) is a joint venture company Yankon, registered capital of 4 million U.S. dollars, the sun holds 50% of its equity. Because India is not able to repay the Yankon and subsidiary debt, Yankon and subsidiary in December 2013 16 to India New Delhi high court trial court application, the request for the bankruptcy liquidation of India company, the application has been India New Delhi high court trial court accepted, acceptance number 671/2013.

In view of the current India corporate debt related to government tax, bank loans, arrears of wages priority debt, the New Delhi high court trial court judge that the court debate, according to the current debt liquidation is more complex, is expected for a longer period of time, India company and the shareholders between negotiation, for better market value of existing assets of the company in India for disposal, to repay the debt priority, by both common shareholders to apply to the court for the liquidation of the company in India. Is conducive to promoting the liquidation of the company in India, the mediation by the judge, the shareholders of both consultations, reached a preliminary intention, Yankon agreed to withdraw India company's bankruptcy filing, the existing assets to be disposed of by the India company. The court has received notice of the application for cancellation.

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